Chicken Giant Gets Interim OK For $365M In DIP Cash

Law360, New York (December 3, 2008, 12:00 AM EST) -- A bankruptcy judge on Tuesday gave interim approval to $365 million in debtor-in-possession financing for Pilgrim's Pride Corp. as the poultry producer seeks to address what it described as short-term cash “challenges” in Chapter 11.

The company won access to $365 million of its $450 million facility arranged by the Bank of Montreal. A final hearing with respect the motion is set for Dec. 17 in the U.S. Bankruptcy Court for the Northern District of Texas.

According to court papers, the debtors will pay an interest...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.